TopMark Federal Credit Union and Beacon Mutual Federal Credit Union, both of Lima, Ohio, on Tuesday announced their plans to combine operations.
Under the arrangement, Beacon Mutual FCU will integrate its $13 million in assets and 1,900 members with TopMark FCU, which currently has $31 million in assets and more than 7,000 members. The combined organization will operate as TopMark Federal Credit Union.
The merger, which received regulatory approval in January, will become official on March 1, 2018.
Angie Maynard, president and CEO of TopMark Federal Credit Union, will continue to lead the credit union after the merger. A veteran of the credit union industry with more than three decades of experience, Maynard has been CEO of TopMark since 1994.
“We are certainly honored Beacon chose to merge with TopMark,” Maynard said in a statement. “We look forward to working with their members throughout the entire process.”
Erick Schmelzer, board chair at Beacon Mutual FCU, added, “We are encouraged by the resounding vote of confidence from Beacon's membership, which approved the merger. In credit unions, consolidation is done for the purpose of benefiting members. The regulatory environment has changed to the point that it is costly and difficult for small credit unions to compete.”
TopMark FCU said it will provide former Beacon members with additional products and services, including more than 5,300 shared branching locations, 35,000 ATMs, a wider variety of mortgage products and other enhanced services. TopMark members will have the added convenience of a full-service branch at 2301 Allentown Road in Lima.